How Much Does Cyber Insurance Cost? A Breakdown of Pricing and Coverage

Overview:

• The cost of cyber liability insurance typically ranges from $300 to $800 per year for small independent contractors or professional companies with revenues of $1 million or less.
• Coverage generally includes protection against hacking, ransomware, and potentially third-party claims.
• Costs may vary depending on the industry and specific risk factors.

Additional Insights:

• Cyber policies may also involve network scans to identify and rectify any unsafe practices or vulnerabilities.
• General liability policies might include some cyber coverage, but it could be limited and have numerous exclusions. Comparing it with a standalone cyber liability policy is advisable.

Further Assistance:

• For personalized advice, visit Actual Human.com for a live one-on-one private video consultation with an expert in cyber liability insurance.

Call to Action:

• If you found this video helpful, check out other videos on our channel for more information on related topics that could assist you with your cyber security needs.

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So how much does Cyber insurance cost or cyber liability insurance cost? Well, this isn't designed to be an exact quote, but what we've been seeing for most types of professional companies that have revenues, let's say, a million dollars or less, you know, small independent contractor type companies, is that cyber policies are in the range of $7 to $800 a year. That's going to cover things like if you get hacked, if you have ransomware; it may even cover third party claims. We've seen some as low as $3 or $400.

Depending on the industry you're in, they're going to want to make sure that you're not having unsafe practices in your business. They'll probably run a scan on your network, which is probably worth its value in itself to make sure you don't have anything obvious that will keep you from being a safe company. But cyber liability insurance is an important add-on. Now, you may have something on your general liability policy which covers some cyber, but it may be a very low limit and have a lot of exclusions. So you want to look and see what those covers are compared to an actual standalone cyber liability policy.

You will be back in your video in just a few seconds. In the meantime, remember that actualhuman.com offers you live one-on-one private video consultation with an expert in this exact subject. We want to listen to your story, we want to hear your questions, we want to give you expert advisement of your options, and tell you what we know about your particular situation.

If you like this video, be sure to click on a few others on our channel to see if there's other information that might be helpful to you about this same subject or maybe even other related subjects that could assist you with your resolution of your issue.